About Rental Income
About Rental Income….
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Claim Your Moving Expense!
If you moved at least 40km closer to your educational institution or work
Employment Insurance (EI): Temporary Changes
Employment Insurance (EI): Temporary Changes – Eligibility changes as of September 27, 2020
Income Tax Payment Deadline: Sep 30, 2020
Canada Recovery Caregiving Benefit (CRCB): $500/ week, up to 26 weeks
Canada Emergency Business Account (CEBA): Guaranteed 40,000 loans with $10,000 forgiveness*: Sep 1, 2020 Update
Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
Canada Emergency Commercial Rent Assistance (CECRA): Extend to Sep 2020
Canada Emergency Commercial Rent Assistance (CECRA): opens at 8:00 a.m. EST on May 25, 2020. Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides relief for small businesses experiencing financial hardship due to COVID-19.
Canada Recovery Caregiving Benefit (CRCB): $500/ week, up to 26 weeks
Canada Recovery Caregiving Benefit (CRCB): $500/ week, up to 26 weeks
Expecting a baby? What kind of benefits you can get?
Expecting a baby? See if you’re eligible for some benefits
Severance Pay
You can avoid the withholding tax by choosing to transfer the severance allowance directly into your RRSP or RPP account.
Canada Emergency Student Benefit (CESB): Apply before Sep 30, 2020
Canada Emergency Student Benefit (CESB): eligible postsecondary students receive $1,250 a month from May to August, and if you are taking care of someone else or have a disability, that amount increases to $2,000 monthly.
Record of Employment
A record of employment must be issued within five calendar days of the first day of the interruption in earnings
Canada Recovery Sickness Benefit (CRSB): $500/ week, up to 2 weeks
The government of Canada would provide $500 per week for up to two weeks, for workers who are sick or must self-isolate for reasons related to COVID-19.
Canada Recovery Benefit (CRB): $400/ week, up to 26 weeks
The government of Canada would provide $400 per week for up to 26 weeks, to workers who are self-employed or are not eligible for EI and who still require income support and who are available and looking for work.
Canada Emergency Response Benefit: until Sep 26, 2020
Wondering what COVID19 support is available to you? Check our website for details
Can I Still Apply for Canada Emergency Student Benefit (CESB)?
I forgot to apply for a previous period of CESB. Am I too late?
Special one-time tax-free payment for certified holders of the Disability Tax Credit
Special one-time tax-free payment for certified holders of the Disability Tax Credit, up to $600.
Canada Emergency Wage Subsidy (CEWS): What the changes are
Applications for claim period 5 (July 5 to August 1) will open August 17, 2020.
Canada Emergency Wage Subsidy: Gov pay 75% of salary: Extended to Dec 19, 2020
Canada Emergency Wage Subsidy that would cover 75 per cent of salaries for qualifying businesses, for up to 3 months, retroactive to March 15, 2020.
Canada Emergency Business Account (CEBA): Guaranteed 40,000 loans: Eligible Non-Deferrable Expenses
Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
When Closing Your Business
In order to cancel your business registration or dissolve your corporation, you must:
CPP & EI for Business Owners
As a business owner, you cannot reduce your remittance of CPP contributions or EI premiums.
Senior: Covid-19 Support – Issue on the week of July 6
One-time tax-free payments for seniors eligible for Old Age Security, the Guaranteed Income Supplement and the Allowances will be issued automatically the week of July 6.
Cloud Storage For Business Management
It is hard to establish a completely paperless office. But scanning your documents and receipts into a cloud storage system will protect your important records from degradation.
COVID-19 Support Finder for your business.
Support for your business.
Find COVID-19 support and other programs and services.
CERB & EI Advice
If you applied to both Employment Insurance (EI) and CERB, it’s important that you keep track
What if you have tax owning?
If you owe money to the CRA, ensure you file your taxes and pay your owing on time
Tax Tips for Working From Home
Employees can deduct expenses for the employment use of a work-space at home
CERB Has Been Extended
You will be able to apply to receive up to 24 weeks if you’re still unemployed and cannot find employment as a result of COVID-19.
Special one-time tax-free payment for Old Age Security and Guaranteed Income Supplement
The Government of Canada is providing a one-time tax-free payment of $300 for seniors eligible for the Old Age Security (OAS) pension, with an additional $200 for seniors eligible for the Guaranteed Income Supplement (GIS).
Return or Repay a Payment: CERB
If you need to repay a Canada Emergency Response Benefit (CERB) payment, you can do it with a few simple clicks using My Account. You can also mail a cheque or money order to the CRA.
Benefits payments for eligible Canadians to continue until Fall 2020
Benefits payments for eligible Canadians to continue until Fall 2020
Extended Canadian Personal Income Tax Return Filing Due Date: June 1, 2020
The deadline to file your Canadian personal income tax return has been extended from April 30, 2020 to June 1, 2020.
The deadline to pay all outstanding balances for tax year 2019 has been extended to August 31, 2020.
Canada Emergency Student Benefit: Never Filed a Tax Return?
Are you a Canadian student or recent graduate applying for the Canada Emergency Student Benefit (CESB) but have never filed a tax return?
Find The Support You Need for Your Business
Find the support you need for your business by answering a few questions to get a personalized list of support.
Travel Expense for Medical Reasons
Did you know…
You can claim travel expenses for medical reasons (at least 40 km one way)
ACCOUNTING PLUS FOR BRAVERY: FREE TAX RETURN SERVICE
As a small token of our appreciation, Accounting Plus wants to contribute their professional expertise to help prepare frontline healthcare workers’ 2019 taxes.
Sign Up for Direct Deposit: So Get Your Money Quicker
Sign Up for Direct Deposit: So Get Your Money Quicker
Service Update about COVID-19
Accounting Plus will not be offering any in-person appointments, nor will be able to process physical documents in a timely fashion, until April 5, 2020.
Did you receive two separate payments of $2000 (CERB)?
You may have mistakenly applied for the CERB twice. Don’t worry, CRA will contact you shortly. Any other combination of payments means you were paid accurately.
Accounting Plus Personal Tax Service
We are specialists in Canadian taxation, and advise individuals on their tax affairs.
With Accounting Plus, you have accountants who are working hard to ensure you pay the lowest tax legally possible.
Ontario: Child Support: $200 per child
Ontario: Child Support: $200 per child. Check our website for details
COVID-19 Support
Wondering what COVID19 support is available to you? Check our website for details
How to Sign on PDF form Electronically
Until August 31st, 2020, we will recognize a Form T183 or T183CORP that has an electronic signature as meeting the signature requirements of the Income Tax Act.
The Fastest Way to Get Your Tax Refund
File your tax returns as soon as possible; you’ll get your money sooner
How To Register CRA MyAccount?
Want to apply Canada Emergency Response Benefit (CERB) but do not know how to register CRA MyAccount? Here is the instruction
Digital News Subscription Tax Credit
The 2019 federal budget introduced a non-refundable tax credit equal to 15 percent of your subscription costs, for all subscriptions purchased from 2020 through 2024.
COVID-19 Scam Alert!
If you get a text message saying you received a deposit for the Canada Emergency Response Benefit. Beware it is a scam!
Financial Support to Those Affected by COVID-19
Canada is providing financial support to those affected by COVID-19.
Personal Tax Deadline Extend: June 1, 2020
The deadline to file your income tax and benefit return was extended from April 30th to June 1st, 2020!
Financial Measures From Government of Canada in response to COVID-19
Financial Measures From the Government of Canada in response to COVID-19
Unclaimed Cheques from the CRA
CRA has created an online verification tool that every taxpayer can access through CRA’s website.
Disability Tax Credit & Buying a Home
Did you know…The relationship between disability tax credit (DTC) & Home Buyer’s Plan (HBP)?
2020 Tax Season
The 2020 tax season will kick off on February 24, 2020
The deadline to file personal taxes for most Canadians is April 30, 2020
Tax tip – Parents of Young Adults
If you have a child who is 18 or over, it Is beneficial to file their tax return.
Express Notice Of Assessment
Do you know……you don’t have to wait for Notice of Assessment or reassessment if you file tax with Accounting Plus Financial Services!
Happy Tax Season!
Starting today, you can file your taxes online. Don’t forget to file by April 30th to get your credits and benefits!
Tax Tip – Interest on Borrowed Money
Interest on money borrowed to make your RRSP contribution is not deductible for tax purposes.
Tax Tip – Childcare
You can claim the following childcare expenses incurred in the tax year: Caregivers, daycare centres and more.
2020 Tax Season Special
We’d like to say “thanks for being such a great client”
by offering a 2020 Tax Season Special this year
Prepare your personal tax returns with us from March 1, 2020 to March 31, 2020. And get 10% off!
Book an appointment now
Tax Tip – RDSP vs. RESP
RDSPs are very similar to RESPs. Just like RESP – contributions are not tax-deductible, investment income accumulates on a tax-deferred basis.
Tax Tip – RRSP Transfer
You may transfer RRSP fund from one RRSP to another without getting taxes.
Business Income: RRSP vs Incorporation
Did you know… RRSP gives you tax deferral which is great but once you make a contribution to your RRSP, you no longer have the money available to reinvest to your business.
TFSA – Re-contribution
Did you know… you can re-contribute amounts withdrawn from your TFSA without affecting your contribution room.
T4 Filing – Employer Needs to Know
Did you know… As an employer, you are required to give your employees or recipients their T4 slips and file their information returns with the CRA on or before the last day of February.
Non Resident Calculator Resource
Did you know CRA has a non resident calculator resource on their site? This might give you an estimate amount of what you need to report.
Tax Tip – Interest On The Money You Borrow
Tax Tip – Interest on the money you borrow in many cases is not deductible.
Tax Tip – Child Support
If you are negotiating a separation agreement, you should ensure that you are setting apart the child support component from the alimony.
Tax Tip – TFSA
You are allowed to have more than one TFSA however it is your responsibility to ensure you are not over-contributing.
Tax Tip – Spousal RRSP
If you are thinking of contributing to a spousal RRSP, there is definitely an advantage.
Tax Tip – New Training Credit
Starting Jan. 1, 2020, eligible workers aged 25 to 65 will accumulate a credit balance of $250 a year, up to a $5,000 maximum lifetime limit.
Reasons To File a Tax Return Even If You Had No Income
Why it’s wise to file taxes even if you don’t have income.
Tax Tip – Marital Status
Tax Tip – Marital Status. There are few ways to let the CRA know if your marital status has changed.
Tax Tip – Travel for Medical Reasons
You can claim expenses for travel for medical reasons (at least 40km one way) if the following conditions are met.
Personal Income Tax: TFSA
Did you know, similar to RRSP, TFSA cannot be held jointly with your spouse. It has to be held on individual basis.
Business Income vs. Family Business
If a family member has provided services for your business in 2019 ask us for advice on paying your family members.
Investment At A Loss?
If you hope to sell an investment at a loss in this year to offset the loss against capital gains, the settlement date – not the trade date – is what matters.
Now is the Time to Record Your Vehicle’s Odometer Reading!
Now is the Time to Record Your Vehicle’s Odometer Reading!
Child Care Expense – After-school programs
Did you know…After-school programs might can qualify as an eligible childcare expense?
Income from Canadian Sources
Did you know a non-resident of Canada is subject to Canadian income tax? Learn more…
Year End Tax Tip
Certain expenses made by December 31, 2019 will be eligible for 2019 tax deductions or credits.
Year End Tax Tip
If you own a business or rental property, consider paying a reasonable salary to family members for services rendered.
Year End Tax Tip
A senior whose 2019 net income exceeds $77,580 will lose all, or part, of their Old Age Security pension.
Year End Tax Tip
A Registered Disability Savings Plan (RDSP) may be established for a person who is under the age of 60 and eligible for the Disability Tax Credit.
